Sustaining growth amid market volatility
As of June 2025, Masan recorded VND 2,602 billion in NPAT Pre-MI, nearly doubling year-on-year and achieving over 50% of its full-year target. WinCommerce (WCM) was a key growth driver, delivering VND 17,915 billion in revenue (up 13.4%) and VND 68 billion in NPAT Pre-MI - its fourth consecutive profitable quarter. WCM also achieved a net opening of 318 stores, completing 80% of its annual expansion plan and is on track to exceed its high-case scenario, reinforcing its position as Vietnam’s largest modern retailer. Nevertheless, expansion costs and market competition remain ongoing challenges.
In contrast, Masan Consumer (MCH) faced short-term headwinds in its FMCG segment due to disruptions in the traditional trade (GT) channel, largely impacted by new tax policies. Many large and small GT retailers reduced inventory sharply, cutting stock levels by approximately 8 days for large retailers and 3 days for smaller ones. This translated into an estimated revenue loss of VND 600-800 billion for MCH in the quarter. As a result, MCH posted Q2 2025 revenue of VND 6,276 billion, down 15.1% year-on-year, and EBITDA of VND 1,605 billion, down 12.9% year-on-year.
In response, MCH implemented strategic initiatives including expanding direct distribution and launching new products. Key actions include shifting to a direct coverage model to reduce reliance on large GT retailers and improving in-market execution. In the first half of 2025, MCH increased point-of-sale coverage in pilot areas by 62% year-on-year, while the average number of outlets served monthly per salesperson with at least one order rose by 48%. These initiatives are expected to support MCH’s growth recovery in upcoming quarters.
In the meat segment, Masan MEATLife (MML) achieved strong growth with revenue of VND 4,409 billion (up 25.6%) and NPAT of VND 364 billion. Processed meat remained the primary growth driver, while value per pig improved through product innovation and stronger integration with WCM. Notably, MML recorded a one-off, non-cash income of VND 196 billion from the renegotiation of a long-term supplier contract.
Phúc Long Heritage (PLH) continued to grow, with revenue up 10.3% and profit up 63.5%, driven by the delivery channel and food segment. Meanwhile, Masan High-Tech Materials (MHT) benefited from rising commodity prices-particularly APT and bismuth-boosting Q2 2025 revenue to VND 1,614 billion (up 27.9%) and NPAT to VND 6 billion, an improvement of VND 400 billion year-on-year.
Overall, Masan’s growth was supported by strong profitability at WCM and MML, a reduction in net financial expenses, and profit contributions from the deconsolidation of H.C. Starck (HCS).
Leveraging macroeconomic tailwinds and the Consumer - Retail - Technology Ecosystem
In Q2 2025, Vietnam’s GDP grew 8%, bringing first-half growth to its highest level in nearly 20 years. This momentum was driven by a recovery in consumption, accelerated public investment, and structural changes in production and retail. With Vietnam’s middle class expanding and per capita income approaching the USD 5,000 threshold-a level typically associated with higher demand for modern, diversified consumption-Masan is well-positioned to capture this shift.
The FMCG market is undergoing structural changes, particularly the migration from traditional retail to modern trade, where WCM is rapidly scaling with nearly 4,150 stores. Leveraging this shift, Masan Consumer is accelerating product distribution through modern retail within Masan’s ecosystem.
Technology remains a core enabler of value creation across Masan’s businesses. Through the WiN membership platform and a digitalized supply chain management system, Masan is strengthening connections between brands, retailers, and consumers. This integration is designed to adapt to evolving consumer behaviors, enhance operational efficiency, and improve customer experience.
With strong first-half results and improved financial metrics, Masan is focused on expanding WCM’s network, driving MCH’s growth recovery, and increasing the contribution of processed meat at MML. Supported by macroeconomic tailwinds, market shifts, and disciplined execution, Masan is advancing toward its long-term goal: becoming Vietnam’s leading consumer - retail - technology platform, serving over 100 million consumers and delivering sustainable value for shareholders.